Intellabridge Technology Corp C.KASH

INTL/CRBTF - MONTHLY PROGRESS REPORT - July 9, 2021

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 Number of Outstanding Listed Securities: 63,471,834
 
On June 29, 2021, Intellabridge announced that the Company's external auditor had reviewed its Condensed Consolidated Interim Financial Statements and management discussion and analysis for the three months ended March 31, 2021 in connection with the filing of the Preliminary Base Shelf Prospectus.
 
Accordingly, the Company amended the Interim Financial Statements and MD&A.
 
The amended filings compared with the original filings included the deletion of the no review by auditor and minor textural changes and corrections.
 
Additionally, the financial results previously reported by the Company were restated to appropriately reflect the loss recognized on settlement of debt and the gain on revaluation of digital currencies.
 
The net loss for the period ended March 31, 2021 changed from the previously reported amount of $105,451 to $1,570,445. This loss on settlement of debt was a non-cash transaction and not a cash expenditure. The loss in no way effected the Company's operating budget.
 
In the previously filed financial statements for the three months ended March 31, 2021, the transaction was recorded as a part of equity. In the reviewed version upon the external auditors' recommendation, the transaction reflected both equity and net loss.
 
On June 29, 2021 the Company also announced that it had opened offices in Silicon Valley, California.
 
Intellabridge had signed an agreement for officesin Menlo Park, California and plans to begin acquiring key talent in Silicon Valley as the company prepares for the growth stage of its business.
 
On June 20, 2021, Intellabridge announced that the Company had launched the private Beta version of its Kash blockchain banking application and was starting to generate initial revenues.
 
The Kash Beta product is now running on the mainnet Terra blockchain, meaning that the product is deployed and fully functioning, and transactions are being broadcasted, verified, and recorded on the Terra distributed ledger technology.
 
The Company's product release is a private beta open by invite only to customers on the waitlist.
 
The private Beta will open in stages on a weekly basis every Monday, up to the first 100,000 waitlisted customers in July and August, with plans to fully open to the public in September 2021.
 
During the private-beta period, the Company will continue to upgrade the product with new versions based on additional customer feedback, quality control and new features, as well as continue to work on partnerships, fiat-crypto exchange solutions, debit card product offering, fiat bank account integrations, and white-label business development.
 
Intellabridge currently has approximately 9,000 customers.

https://webfiles.thecse.com/1_-_Monthly_Progress_Report_June_2021_0.pdf?M1AsQhp6u3R4GN.o2fb8HtoyI1vnBqWw